Tag: major definitions of economics

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Questions Related to major definitions of economics

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

A refrigetor operating in a chemist shop is an example of ________.

  1. free goods

  2. final goods

  3. producer's goods

  4. consumer's goods
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Chemist will keep the medicines and other things which are to be stored below the room temperature and thus the refrigerator in a chemist shop is a producer's good as it helps to satisfy human wants indirectly.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Human wants are _______.

  1. unjustifiable

  2. unlimited

  3. undefined

  4. limited
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Human wants are unlimited. This means that they are never ending and can never be fully satisfied. Since wants keep on adding, all of them cannot be satisfied due to limited resources. As soon as one want gets satisfied, another one emerges. 

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

_______ refers to market where services of factors of production are brought and sold.

  1. Goods Market

  2. Factor market

  3. Road side kiosks

  4. Super Bazar
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In economics, factor market refers to the the market where factors of production ,namely land,labour,capital entrepreneurship -are brought and sold.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Goods which exhibit negative income-demand relationship are called ________.

  1. Giffen goods

  2. inferior goods

  3. normal goods

  4. luxury goods
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Inferior goods refer to those goods which possess an inverse relation between income of a consumer and demand of that particular good,that is, when there is a rise in income of the consumer,the demand of that particular good falls.For example,coarse grains..

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

________ study the changes in the volume of goods.

  1. Value Index Numbers

  2. Quantity Index Numbers

  3. Price Index Number

  4. None of above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

When any goods change in proportion between two different periods of time, then it is measured with the help of Quantity Index Numbers. In other words, we can say the study of measuring any proportionate change of goods in two different periods of time is called quantity index numbers.